Valuation Update With 7 Day Price Move • Jul 17
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to JP¥1,808, the stock trades at a trailing P/E ratio of 16.5x. Average trailing P/E is 27x in the Semiconductor industry in Japan. Total loss to shareholders of 12% over the past three years. Announcement • Jun 22
Torex Semiconductor Develops XC8115/XC8116 Series Multi-Function Load Switch ICs With Zero Current Consumption Torex Semiconductor Ltd. has developed the XC8115/XC8116 Series, multifunction load switch ICs that achieve 0µA current consumption. Featuring ultra-low power consumption, saving space, operation up to 105°C, and functions required for power sequence control, these multifunction load switch ICs are easy to use across a wide range of applications, including industrial equipment and consumer electronics. The most significant feature of the XC8115/XC8116 Series is its ability to dramatically reduce power consumption by achieving 0µA operating current during both active operation and standby mode. This makes the devices ideal for applications requiring minimal power loss, such as battery-powered equipment using small batteries and energy harvesting systems. In addition, the ICs operate without requiring input or output capacitors, enabling standalone operation and contributing to space-saving PCB designs. Power line ON/OFF control is typically implemented using multiple discrete components. By using the XC8115/XC8116 Series, designers can build compact ON/OFF circuits while maintaining 0µA current consumption. The XC8115/XC8116 Series incorporates application-specific functions such as externally adjustable soft-start time, CL discharge for rapid output capacitor discharge (XC8115), and reverse current blocking during the OFF state (XC8116). The XC8115 features externally adjustable soft-start and CL discharge functions, making it suitable for power sequence control required by FPGAs and MCUs. The XC8116 incorporates a reverse current blocking function when the switch is turned OFF, making it suitable for applications such as preventing reverse current to a backup power supply in backup power circuits. The device is available in both EN (active-high) and ENB (active-low) versions, allowing two power supply lines to be switched using a single control signal. This enables compact power multiplexer circuit designs. Both the XC8115 and XC8116 allow the soft-start time to be externally adjusted with a capacitor. This feature helps suppress inrush current and prevent voltage drops during startup, particularly in applications using high-impedance power sources such as coin-cell batteries. For circuit protection, both devices incorporate short-circuit protection and thermal shutdown (over-temperature protection), ensuring safe operation by protecting the circuit when a short circuit occurs on the load side. The devices are available in the compact, low-profile DFN1515-6A package (1.5 × 1.5 × 0.38 mm) as well as the highly mountable SOT-25 package. They are suitable for applications ranging from compact electronic devices requiring high-density PCB layouts to industrial equipment demanding high mounting reliability. Valuation Update With 7 Day Price Move • Jun 12
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to JP¥2,269, the stock trades at a trailing P/E ratio of 20.7x. Average trailing P/E is 25x in the Semiconductor industry in Japan. Total returns to shareholders of 8.3% over the past three years. New Risk • Jun 11
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Japanese stocks, typically moving 9.3% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (9.3% average weekly change). Earnings have declined by 48% per year over the past 5 years. Minor Risk Paying a dividend despite being loss-making. Announcement • Jun 03
Torex Semiconductor Ltd. to Report Q1, 2027 Results on Aug 12, 2026 Torex Semiconductor Ltd. announced that they will report Q1, 2027 results on Aug 12, 2026 Valuation Update With 7 Day Price Move • May 28
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to JP¥2,907, the stock trades at a trailing P/E ratio of 26.6x. Average trailing P/E is 26x in the Semiconductor industry in Japan. Total returns to shareholders of 44% over the past three years. Reported Earnings • May 18
Full year 2026 earnings released: EPS: JP¥109 (vs JP¥215 loss in FY 2025) Full year 2026 results: EPS: JP¥109 (up from JP¥215 loss in FY 2025). Revenue: JP¥25.1b (up 4.7% from FY 2025). Net income: JP¥1.16b (up JP¥3.52b from FY 2025). Profit margin: 4.6% (up from net loss in FY 2025). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Announcement • May 14
Torex Semiconductor Ltd., Annual General Meeting, Jun 24, 2026 Torex Semiconductor Ltd., Annual General Meeting, Jun 24, 2026. Announcement • May 10
Torex Semiconductor Ltd. to Report Fiscal Year 2026 Results on May 14, 2026 Torex Semiconductor Ltd. announced that they will report fiscal year 2026 results on May 14, 2026 Upcoming Dividend • Mar 23
Upcoming dividend of JP¥28.00 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 26 June 2026. The company is not currently making a profit and there are not enough cash flows to support it either. Trailing yield: 3.5%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (1.0%). Reported Earnings • Feb 16
Third quarter 2026 earnings released: EPS: JP¥23.04 (vs JP¥21.70 loss in 3Q 2025) Third quarter 2026 results: EPS: JP¥23.04 (up from JP¥21.70 loss in 3Q 2025). Revenue: JP¥6.35b (up 9.8% from 3Q 2025). Net income: JP¥244.0m (up JP¥483.0m from 3Q 2025). Profit margin: 3.8% (up from net loss in 3Q 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 52 percentage points per year, which is a significant difference in performance. New Risk • Feb 11
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Japanese stocks, typically moving 5.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Cash payout ratio: 106% Earnings have declined by 51% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (5.4% average weekly change). New Risk • Dec 10
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: JP¥15.4b (US$98.2m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Cash payout ratio: 106% Earnings have declined by 51% per year over the past 5 years. Minor Risk Market cap is less than US$100m (JP¥15.4b market cap, or US$98.2m). Announcement • Dec 10
Torex Semiconductor Ltd. to Report Q3, 2026 Results on Feb 13, 2026 Torex Semiconductor Ltd. announced that they will report Q3, 2026 results on Feb 13, 2026 Declared Dividend • Dec 06
First half dividend of JP¥28.00 announced Dividend of JP¥28.00 is the same as last year. Ex-date: 30th March 2026 Payment date: 26th June 2026 Dividend yield will be 3.8%, which is higher than the industry average of 1.0%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. The dividend is also not covered by cash flows (106% cash payout ratio). The dividend has increased by an average of 11% per year over the past 10 years. However, payments have been volatile during that time. Reported Earnings • Nov 18
Second quarter 2026 earnings released: EPS: JP¥28.33 (vs JP¥7.09 loss in 2Q 2025) Second quarter 2026 results: EPS: JP¥28.33 (up from JP¥7.09 loss in 2Q 2025). Revenue: JP¥6.01b (down 4.1% from 2Q 2025). Net income: JP¥300.1m (up JP¥378.1m from 2Q 2025). Profit margin: 5.0% (up from net loss in 2Q 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 67 percentage points per year, which is a significant difference in performance. Announcement • Sep 30
Torex Semiconductor Ltd. to Report Q2, 2026 Results on Nov 14, 2025 Torex Semiconductor Ltd. announced that they will report Q2, 2026 results on Nov 14, 2025 Upcoming Dividend • Sep 22
Upcoming dividend of JP¥28.00 per share Eligible shareholders must have bought the stock before 29 September 2025. Payment date: 05 December 2025. The company is not currently making a profit and is not cash flow positive. Trailing yield: 3.2%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (1.3%). Reported Earnings • Aug 14
First quarter 2026 earnings released: EPS: JP¥3.30 (vs JP¥7.55 in 1Q 2025) First quarter 2026 results: EPS: JP¥3.30 (down from JP¥7.55 in 1Q 2025). Revenue: JP¥5.87b (down 6.2% from 1Q 2025). Net income: JP¥35.0m (down 58% from 1Q 2025). Profit margin: 0.6% (down from 1.3% in 1Q 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 81 percentage points per year, which is a significant difference in performance. Declared Dividend • Jul 09
Final dividend of JP¥28.00 announced Dividend of JP¥28.00 is the same as last year. Ex-date: 29th September 2025 Payment date: 5th December 2025 Dividend yield will be 3.9%, which is higher than the industry average of 1.0%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months and having no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 11% per year over the past 10 years. However, payments have been volatile during that time. Announcement • Jun 25
Torex Semiconductor Ltd. to Report Q1, 2026 Results on Aug 12, 2025 Torex Semiconductor Ltd. announced that they will report Q1, 2026 results on Aug 12, 2025 Reported Earnings • May 18
Full year 2025 earnings released: JP¥215 loss per share (vs JP¥391 loss in FY 2024) Full year 2025 results: JP¥215 loss per share (improved from JP¥391 loss in FY 2024). Revenue: JP¥24.0b (down 7.0% from FY 2024). Net loss: JP¥2.36b (loss narrowed 45% from FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 79 percentage points per year, which is a significant difference in performance. Announcement • May 14
Torex Semiconductor Ltd., Annual General Meeting, Jun 25, 2025 Torex Semiconductor Ltd., Annual General Meeting, Jun 25, 2025. Announcement • Mar 27
Torex Semiconductor Ltd. to Report Fiscal Year 2025 Results on May 14, 2025 Torex Semiconductor Ltd. announced that they will report fiscal year 2025 results on May 14, 2025 Upcoming Dividend • Mar 21
Upcoming dividend of JP¥28.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 27 June 2025. The company is not currently making a profit and is not cash flow positive. Trailing yield: 4.3%. Within top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (1.8%). Reported Earnings • Feb 16
Third quarter 2025 earnings released: JP¥21.70 loss per share (vs JP¥55.73 loss in 3Q 2024) Third quarter 2025 results: JP¥21.70 loss per share (improved from JP¥55.73 loss in 3Q 2024). Revenue: JP¥5.78b (down 8.3% from 3Q 2024). Net loss: JP¥239.0m (loss narrowed 61% from 3Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 83 percentage points per year, which is a significant difference in performance. Announcement • Feb 16
Torex Semiconductor Ltd. (TSE:6616) announces an Equity Buyback for 500,000 shares, representing 4.5% for ¥500 million. Torex Semiconductor Ltd. (TSE:6616) announces a share repurchase program. Under the program, the company will repurchase up to 500,000 shares, representing 4.5% of its share capital, for ¥500 million. The company will repurchase its shares in order to further return profits to all shareholders, and to implement a flexible capital policy in response to changes in the business environment. The share repurchase program will run until June 30, 2025. As of January 31, 2025, the company had 11,118,967 shares outstanding (excluding treasury shares) and 435,233 shares in treasury. New Risk • Jan 12
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risk No financial data reported. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (5.2% average weekly change). Market cap is less than US$100m (JP¥12.8b market cap, or US$81.3m). Announcement • Jan 03
Torex Semiconductor Ltd. to Report Q3, 2025 Results on Feb 14, 2025 Torex Semiconductor Ltd. announced that they will report Q3, 2025 results on Feb 14, 2025 Declared Dividend • Dec 06
First half dividend of JP¥28.00 announced Dividend of JP¥28.00 is the same as last year. Ex-date: 28th March 2025 Payment date: 27th June 2025 Dividend yield will be 4.5%, which is higher than the industry average of 1.0%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months and having no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 11% per year over the past 10 years. However, payments have been volatile during that time. New Risk • Nov 15
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: JP¥14.9b (US$95.7m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings have declined by 19% per year over the past 5 years. Minor Risk Market cap is less than US$100m (JP¥14.9b market cap, or US$95.7m). New Risk • Oct 29
New major risk - Revenue and earnings growth Earnings have declined by 19% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (11% average weekly change). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings have declined by 19% per year over the past 5 years. Announcement • Sep 25
Torex Semiconductor Ltd. to Report Q2, 2025 Results on Nov 14, 2024 Torex Semiconductor Ltd. announced that they will report Q2, 2025 results on Nov 14, 2024 Upcoming Dividend • Sep 20
Upcoming dividend of JP¥28.00 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 05 December 2024. The company is not currently making a profit and is not cash flow positive. Trailing yield: 3.6%. Lower than top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (1.6%). Reported Earnings • Aug 11
First quarter 2025 earnings released: EPS: JP¥7.55 (vs JP¥6.37 in 1Q 2024) First quarter 2025 results: EPS: JP¥7.55 (up from JP¥6.37 in 1Q 2024). Revenue: JP¥6.25b (down 2.4% from 1Q 2024). Net income: JP¥83.0m (up 19% from 1Q 2024). Profit margin: 1.3% (up from 1.1% in 1Q 2024). Revenue is forecast to grow 8.9% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Semiconductor industry in Japan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 61 percentage points per year, which is a significant difference in performance. New Risk • Aug 05
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: JP¥14.0b (US$98.4m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (8.8% average weekly change). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Minor Risk Market cap is less than US$100m (JP¥14.0b market cap, or US$98.4m). New Risk • Aug 02
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Japanese stocks, typically moving 5.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Minor Risk Share price has been volatile over the past 3 months (5.8% average weekly change). Declared Dividend • Jul 11
Final dividend of JP¥28.00 announced Dividend of JP¥28.00 is the same as last year. Ex-date: 27th September 2024 Payment date: 5th December 2024 Dividend yield will be 2.9%, which is higher than the industry average of 1.0%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months and having no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 11% per year over the past 10 years. However, payments have been volatile during that time. Announcement • Jun 27
Torex Semiconductor Ltd. to Report Q1, 2025 Results on Aug 09, 2024 Torex Semiconductor Ltd. announced that they will report Q1, 2025 results on Aug 09, 2024 Reported Earnings • May 18
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: JP¥391 loss per share (down from JP¥199 profit in FY 2023). Revenue: JP¥25.8b (down 19% from FY 2023). Net loss: JP¥4.30b (down 297% from profit in FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates significantly. Revenue is forecast to grow 7.6% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Semiconductor industry in Japan. Over the last 3 years on average, earnings per share has fallen by 56% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Announcement • May 16
Torex Semiconductor Ltd., Annual General Meeting, Jun 26, 2024 Torex Semiconductor Ltd., Annual General Meeting, Jun 26, 2024. Announcement • Mar 27
Torex Semiconductor Ltd. to Report Fiscal Year 2024 Results on May 14, 2024 Torex Semiconductor Ltd. announced that they will report fiscal year 2024 results on May 14, 2024 Upcoming Dividend • Mar 21
Upcoming dividend of JP¥28.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 01 July 2024. The company is not currently making a profit and is not cash flow positive. Trailing yield: 3.1%. Lower than top quartile of Japanese dividend payers (3.2%). Higher than average of industry peers (0.9%). Reported Earnings • Feb 16
Third quarter 2024 earnings released: JP¥55.73 loss per share (vs JP¥46.55 profit in 3Q 2023) Third quarter 2024 results: JP¥55.73 loss per share (down from JP¥46.55 profit in 3Q 2023). Revenue: JP¥6.31b (down 18% from 3Q 2023). Net loss: JP¥613.0m (down 220% from profit in 3Q 2023). Revenue is forecast to grow 9.2% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Semiconductor industry in Japan. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Announcement • Dec 20
Torex Semiconductor Ltd. to Report Q3, 2024 Results on Feb 14, 2024 Torex Semiconductor Ltd. announced that they will report Q3, 2024 results on Feb 14, 2024 New Risk • Nov 24
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Japanese stocks, typically moving 5.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Minor Risk Share price has been volatile over the past 3 months (5.4% average weekly change). Reported Earnings • Nov 18
Second quarter 2024 earnings released: JP¥24.46 loss per share (vs JP¥112 profit in 2Q 2023) Second quarter 2024 results: JP¥24.46 loss per share (down from JP¥112 profit in 2Q 2023). Revenue: JP¥6.85b (down 22% from 2Q 2023). Net loss: JP¥269.0m (down 122% from profit in 2Q 2023). Revenue is forecast to grow 9.6% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Semiconductor industry in Japan. Over the last 3 years on average, earnings per share has increased by 18% per year whereas the company’s share price has increased by 14% per year. Upcoming Dividend • Sep 21
Upcoming dividend of JP¥28.00 per share at 2.5% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 06 December 2023. Payout ratio is a comfortable 61% but the company is not cash flow positive. Trailing yield: 2.5%. Lower than top quartile of Japanese dividend payers (3.3%). Higher than average of industry peers (1.4%). Reported Earnings • Aug 12
First quarter 2024 earnings released: EPS: JP¥6.37 (vs JP¥113 in 1Q 2023) First quarter 2024 results: EPS: JP¥6.37 (down from JP¥113 in 1Q 2023). Revenue: JP¥6.40b (down 26% from 1Q 2023). Net income: JP¥70.0m (down 94% from 1Q 2023). Profit margin: 1.1% (down from 14% in 1Q 2023). Revenue is forecast to grow 6.9% p.a. on average during the next 3 years, compared to a 8.2% growth forecast for the Semiconductor industry in Japan. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Announcement • Jun 02
Torex Semiconductor Ltd. to Report Q2, 2024 Results on Nov 14, 2023 Torex Semiconductor Ltd. announced that they will report Q2, 2024 results on Nov 14, 2023 Announcement • May 31
Torex Semiconductor Ltd. to Report Q1, 2024 Results on Aug 10, 2023 Torex Semiconductor Ltd. announced that they will report Q1, 2024 results on Aug 10, 2023 Reported Earnings • May 16
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: JP¥199 (down from JP¥289 in FY 2022). Revenue: JP¥32.0b (up 3.5% from FY 2022). Net income: JP¥2.18b (down 31% from FY 2022). Profit margin: 6.8% (down from 10% in FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 27%. Revenue is forecast to grow 1.6% p.a. on average during the next 2 years, compared to a 6.9% growth forecast for the Semiconductor industry in Japan. Over the last 3 years on average, earnings per share has increased by 65% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 15
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to JP¥1,940, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 12x in the Semiconductor industry in Japan. Total returns to shareholders of 102% over the past three years. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥28.00 per share at 2.4% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 26 June 2023. Payout ratio is a comfortable 14% but the company is paying out more than the cash it is generating. Trailing yield: 2.4%. Lower than top quartile of Japanese dividend payers (3.6%). In line with average of industry peers (2.2%). Reported Earnings • Feb 17
Third quarter 2023 earnings released: EPS: JP¥46.55 (vs JP¥70.57 in 3Q 2022) Third quarter 2023 results: EPS: JP¥46.55 (down from JP¥70.57 in 3Q 2022). Revenue: JP¥7.70b (down 3.0% from 3Q 2022). Net income: JP¥512.0m (down 34% from 3Q 2022). Profit margin: 6.7% (down from 9.7% in 3Q 2022). Revenue is forecast to grow 3.3% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Semiconductor industry in Japan. Over the last 3 years on average, earnings per share has increased by 81% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Announcement • Dec 18
Torex Semiconductor Ltd. to Report Q3, 2023 Results on Feb 14, 2023 Torex Semiconductor Ltd. announced that they will report Q3, 2023 results on Feb 14, 2023 Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Outside Director Yumi Hirose was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥28.00 per share Eligible shareholders must have bought the stock before 29 September 2022. Payment date: 07 December 2022. Payout ratio is a comfortable 12% but the company is not cash flow positive. Trailing yield: 2.0%. Lower than top quartile of Japanese dividend payers (3.7%). Lower than average of industry peers (2.9%). Reported Earnings • Aug 17
First quarter 2023 earnings released: EPS: JP¥113 (vs JP¥43.51 in 1Q 2022) First quarter 2023 results: EPS: JP¥113 (up from JP¥43.51 in 1Q 2022). Revenue: JP¥8.59b (up 23% from 1Q 2022). Net income: JP¥1.24b (up 160% from 1Q 2022). Profit margin: 14% (up from 6.8% in 1Q 2022). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 6.3%, compared to a 19% growth forecast for the Semiconductor industry in Japan. Over the last 3 years on average, earnings per share has increased by 86% per year but the company’s share price has only increased by 36% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 20
Investor sentiment improved over the past week After last week's 20% share price gain to JP¥2,729, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 11x in the Semiconductor industry in Japan. Total returns to shareholders of 179% over the past three years. Reported Earnings • May 17
Full year 2022 earnings: EPS exceeds analyst expectations Full year 2022 results: EPS: JP¥289 (up from JP¥85.37 in FY 2021). Revenue: JP¥30.9b (up 30% from FY 2021). Net income: JP¥3.16b (up 238% from FY 2021). Profit margin: 10% (up from 3.9% in FY 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 13%. Over the next year, revenue is forecast to grow 6.9%, compared to a 21% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has increased by 69% per year but the company’s share price has only increased by 39% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 9 non-independent directors. Exec. Officer, GM of Quality, Production Engg. Headquarters & Quality Assurance Dept. and Director Takashi Miyata was the last director to join the board, commencing their role in 2020. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥24.00 per share Eligible shareholders must have bought the stock before 30 March 2022. Payment date: 25 June 2022. Payout ratio is a comfortable 17% and this is well supported by cash flows. Trailing yield: 1.8%. Lower than top quartile of Japanese dividend payers (3.4%). In line with average of industry peers (1.9%). Reported Earnings • Feb 16
Third quarter 2022 earnings: EPS and revenues exceed analyst expectations Third quarter 2022 results: EPS: JP¥70.57 (up from JP¥21.12 in 3Q 2021). Revenue: JP¥7.94b (up 38% from 3Q 2021). Net income: JP¥772.0m (up 234% from 3Q 2021). Profit margin: 9.7% (up from 4.0% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.8%. Earnings per share (EPS) also surpassed analyst estimates by 70%. Over the next year, revenue is forecast to grow 6.1%, compared to a 20% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has only increased by 32% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Dec 27
Investor sentiment improved over the past week After last week's 16% share price gain to JP¥3,625, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 16x in the Semiconductor industry in Japan. Total returns to shareholders of 248% over the past three years. Valuation Update With 7 Day Price Move • Nov 17
Investor sentiment improved over the past week After last week's 39% share price gain to JP¥3,735, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 16x in the Semiconductor industry in Japan. Total returns to shareholders of 173% over the past three years. Valuation Update With 7 Day Price Move • Oct 04
Investor sentiment deteriorated over the past week After last week's 16% share price decline to JP¥2,496, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 16x in the Semiconductor industry in Japan. Total returns to shareholders of 63% over the past three years. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥20.00 per share Eligible shareholders must have bought the stock before 29 September 2021. Payment date: 02 December 2021. Trailing yield: 1.5%. Lower than top quartile of Japanese dividend payers (3.0%). In line with average of industry peers (1.6%). Reported Earnings • Jun 29
Full year 2021 earnings released: EPS JP¥85.37 (vs JP¥37.99 in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: JP¥23.7b (up 10% from FY 2020). Net income: JP¥933.0m (up 124% from FY 2020). Profit margin: 3.9% (up from 1.9% in FY 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has increased by 29% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jun 18
Investor sentiment improved over the past week After last week's 30% share price gain to JP¥2,795, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 20x in the Semiconductor industry in Japan. Total returns to shareholders of 113% over the past three years. Reported Earnings • May 20
Full year 2021 earnings released: EPS JP¥85.37 (vs JP¥37.99 in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: JP¥23.7b (up 10% from FY 2020). Net income: JP¥933.0m (up 124% from FY 2020). Profit margin: 3.9% (up from 1.9% in FY 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥16.00 per share Eligible shareholders must have bought the stock before 30 March 2021. Payment date: 25 June 2021. Trailing yield: 1.9%. Lower than top quartile of Japanese dividend payers (2.7%). Higher than average of industry peers (1.4%). Is New 90 Day High Low • Feb 22
New 90-day high: JP¥1,609 The company is up 26% from its price of JP¥1,278 on 24 November 2020. The Japanese market is up 11% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Semiconductor industry, which is up 33% over the same period. Reported Earnings • Feb 21
Third quarter 2021 earnings released: EPS JP¥21.12 (vs JP¥12.21 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: JP¥5.76b (up 2.9% from 3Q 2020). Net income: JP¥231.0m (up 74% from 3Q 2020). Profit margin: 4.0% (up from 2.4% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Analyst Estimate Surprise Post Earnings • Feb 21
Revenue beats expectations, earnings disappoint Revenue exceeded analyst estimates by 1.1%. Earnings per share (EPS) missed analyst estimates by 25%. Over the next year, revenue is forecast to grow 4.5%, compared to a 13% growth forecast for the Semiconductor industry in Japan. Is New 90 Day High Low • Jan 25
New 90-day high: JP¥1,581 The company is up 21% from its price of JP¥1,305 on 27 October 2020. The Japanese market is up 14% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Semiconductor industry, which is up 50% over the same period. Is New 90 Day High Low • Dec 22
New 90-day high: JP¥1,491 The company is up 23% from its price of JP¥1,211 on 23 September 2020. The Japanese market is up 8.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Semiconductor industry, which is up 35% over the same period. Announcement • Dec 20
Torex Semiconductor Ltd. to Report Q3, 2021 Results on Feb 12, 2021 Torex Semiconductor Ltd. announced that they will report Q3, 2021 results on Feb 12, 2021 Price Target Changed • Dec 01
Price target lowered to JP¥1,200 Down from JP¥1,400, the current price target is provided by 1 analyst. The new target price is 10% below the current share price of JP¥1,335. As of last close, the stock is down 9.4% over the past year.